General Atlantic-Backed ASG Hospital Taps Banks For $500 Million IPO

India's ASG Hospital Prepares for $500 Million IPO

India's ASG Hospital Pvt. has chosen five banks to guide its initial public offering (IPO) worth up to $500 million, a significant increase from the previously reported $390 million.

• Axis Bank Ltd. has been appointed to advise on the share sale.
• Motilal Oswal Investment Advisors Ltd. will also be involved in the process.
• Local units of HSBC Holdings Plc., Morgan Stanley, and Nomura Holdings Inc. have also been selected for the advisory role.

The company, backed by General Atlantic, plans to issue roughly 15% of its equity through the offering, which will comprise a mix of primary shares and secondary sales by existing investors.

ASG Hospital has increased the IPO size and deliberations are ongoing, allowing for potential changes in the terms of the offering.

A spokesperson for HSBC declined to comment on the matter.

About ASG Hospital

Founded in 2005, ASG Hospital operates over 180 hospitals across 90 cities in India, according to its website.

• The company acquired Vasan Eye Care in 2023 to expand its presence in southern India.
• ASG plans to invest 20 billion rupees ($221 million) in the expansion of its eye centers over the next four years.
• The firm aims to reach 15 billion rupees in revenue for the financial year ending March 2026.

India's IPO Market Continues to Thrive

The proposed listing of ASG Hospital will join a wave of companies tapping India's primary market to raise funds.

• IPO proceeds hit a record for a second straight year in 2025.
• More than 210 companies have either received regulatory approval or filed draft prospectuses with the market regulator.

With the IPO market expected to remain busy, ASG Hospital's proposed listing is set to make a significant impact on the Indian market.

Key Statistics:

• $500 million: The potential size of ASG Hospital's IPO.
• 15%: The amount of equity ASG Hospital plans to dilute through the offering.
• 20 billion rupees: The amount ASG plans to invest in the expansion of its eye centers.
• 15 billion rupees: The revenue ASG aims to reach by March 2026.